Western Digital Corporation (NASDAQ:WDC) CFO Mark P. Long sold 4,467 shares of Western Digital Corporation stock in a transaction dated Monday, November 13th. The stock was sold at an average price of $88.13, for a total transaction of $393,676.71. Following the completion of the sale, the chief financial officer now owns 88,384 shares of the company’s stock, valued at approximately $7,789,281.92. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.
Western Digital Corporation (NASDAQ:WDC) traded up $1.29 during trading on Monday, hitting $88.92. 3,226,400 shares of the company were exchanged, compared to its average volume of 3,600,513. The company has a quick ratio of 2.13, a current ratio of 2.64 and a debt-to-equity ratio of 1.07. Western Digital Corporation has a 52 week low of $56.26 and a 52 week high of $95.77. The firm has a market cap of $26,301.34, a P/E ratio of 8.93 and a beta of 1.17.
Western Digital Corporation (NASDAQ:WDC) last released its earnings results on Thursday, October 26th. The data storage provider reported $3.56 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $3.01 by $0.55. Western Digital Corporation had a net margin of 7.38% and a return on equity of 26.48%. The company had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.13 billion. During the same quarter in the previous year, the company earned $1.18 EPS. Western Digital Corporation’s quarterly revenue was up 9.9% compared to the same quarter last year. analysts anticipate that Western Digital Corporation will post 11.93 earnings per share for the current fiscal year.
Western Digital Corporation declared that its board has initiated a share buyback plan on Thursday, November 9th that authorizes the company to buyback $2.10 billion in outstanding shares. This buyback authorization authorizes the data storage provider to buy shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Friday, December 29th will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.25%. Western Digital Corporation’s payout ratio is presently 41.75%.
Several institutional investors have recently added to or reduced their stakes in WDC. Quantbot Technologies LP acquired a new position in shares of Western Digital Corporation during the 2nd quarter valued at $135,000. Huntington National Bank lifted its position in shares of Western Digital Corporation by 7.7% during the 2nd quarter. Huntington National Bank now owns 1,965 shares of the data storage provider’s stock valued at $174,000 after acquiring an additional 141 shares during the period. Sun Life Financial INC lifted its position in shares of Western Digital Corporation by 16,215.4% during the 2nd quarter. Sun Life Financial INC now owns 2,121 shares of the data storage provider’s stock valued at $188,000 after acquiring an additional 2,108 shares during the period. Grove Bank & Trust lifted its position in shares of Western Digital Corporation by 33.3% during the 2nd quarter. Grove Bank & Trust now owns 2,199 shares of the data storage provider’s stock valued at $195,000 after acquiring an additional 549 shares during the period. Finally, Seven Bridges Advisors LLC lifted its position in shares of Western Digital Corporation by 71.0% during the 2nd quarter. Seven Bridges Advisors LLC now owns 2,243 shares of the data storage provider’s stock valued at $199,000 after acquiring an additional 931 shares during the period. Institutional investors own 81.77% of the company’s stock.
Several equities analysts have recently commented on WDC shares. UBS AG restated an “add” rating on shares of Western Digital Corporation in a research report on Wednesday, September 20th. BTIG Research set a $120.00 target price on shares of Western Digital Corporation and gave the company a “buy” rating in a research report on Friday, July 28th. Maxim Group restated a “buy” rating and issued a $108.00 target price on shares of Western Digital Corporation in a research report on Friday, July 28th. Loop Capital started coverage on shares of Western Digital Corporation in a research report on Monday, July 24th. They issued a “buy” rating and a $140.00 target price for the company. Finally, Summit Redstone restated a “buy” rating on shares of Western Digital Corporation in a research report on Saturday, July 22nd. Nine analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and three have given a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $113.95.
Western Digital Corporation Company Profile
Western Digital Corporation (Western Digital) is a developer, manufacturer and provider of data storage devices and solutions that address the needs of the information technology (IT) industry and the infrastructure that enables the proliferation of data in virtually every industry. The Company’s portfolio of offerings addresses three categories: Datacenter Devices and Solutions (capacity and performance enterprise hard disk drives (HDDs), enterprise solid state drives (SSDs), datacenter software and system solutions); Client Devices (mobile, desktop, gaming and digital video hard drives, client SSDs, embedded products and wafers), and Client Solutions (removable products, hard drive content solutions and flash content solutions).
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